ADNOC Distribution delivers strong H1 2025 results with 12% net profit growth

Highest recorded H1 EBITDA of $566 million, up 10.0% YoY, drives 12.2% net profit growth to $358 million

Largest-ever first-half fuel volumes of 7.62 billion liters, a 5.6% YoY increase

Non-fuel retail gross profit grew 14.9% YoY in H1 2025, reflecting strong performance of convenience stores, car services, property management and lubricants businesses

The Company expects to distribute dividend of $350 million (10.285 fils per share) for the first half of 2025 in October 2025, in line with its dividend policy

Network expansion targets achieved ahead of schedule; guidance revised upwards to 60-70 new stations

ADNOC Distribution (ISIN: AEA006101017) (Symbol: ADNOCDIST), the UAE’s largest fuel and convenience retailer, today reported double-digit growth in its EBITDA and net profit for the first half of 2025, exceeding analyst expectations. 

The Company achieved its highest-ever first-half EBITDA of $566 million, up 10.0% year-on-year (YoY), driving a 12.2% YoY increase in net profit to $358 million. The Company also achieved record first-half fuel volumes of 7.62 billion liters, up 5.6% YoY.

The strong H1 performance marks a key milestone in ADNOC Distribution’s five-year growth strategy, which aims to deliver EBITDA growth through key strategic initiatives and focus areas by 2028, driving long-term value creation and positioning the company for sustained growth.  

Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: “Our strong H1 2025 results demonstrate the successful execution of our 2024-28 growth strategy, driven by operational excellence and customer-focused innovation. The sustained growth in EBITDA and net profit highlights our ability to scale effectively, drive value creation, and expand our leadership in mobility and convenience retail. By leveraging advanced technologies, unlocking new operational efficiencies, and bringing our commitment to quality to more communities than ever before, we are well-positioned to deliver sustainable, long-term growth and superior returns for our shareholders.”

ADNOC Distribution’s non-fuel retail business continues to drive strong growth, with a 14.9% YoY increase in non-fuel retail gross profit and a 10.4% YoY rise in transactions for the first half of 2025. This continued outperformance of non-fuel retail over fuel retail reinforces the Company’s strategic focus on diversifying revenue streams and capturing growing demand for convenience services. In addition, ADNOC Rewards, the UAE’s leading fuel and convenience loyalty program, grew by 19.5% YoY to nearly 2.5 million users. 

ADNOC Distribution continued its strategic network expansion, adding 47 new service stations in the first half of 2025, bringing its total network to nearly 940. A majority of the new stations are located in Saudi Arabia, where the Company is successfully leveraging its CAPEX-light Dealer Owned-Company Operated (DOCO) business model, which is optimized for sustainable growth. The DOCO model has enabled ADNOC Distribution to double its Saudi network YoY, from 69 to 140 stations. 

Building on this momentum, the Company has revised its expansion guidance upwards to 60-70 new stations by the end of 2025, with 50-60 of these located in Saudi Arabia. This strategic expansion strengthens ADNOC Distribution’s regional footprint, enabling it to capitalize on the growing demand for mobility and convenience retail, fueling its growth trajectory and enhancing shareholder value in line with its strategic goals.

In May 2025, ADNOC Distribution launched the Voyager lubricant line nationally across Egypt, expanding its distribution to third-party retail stores for the first time. The Company has set a target of 3,000 points of sale in Egypt by the end of 2026, further strengthening its regional presence.  Egypt remains a core focus market for ADNOC Distribution, as the Company continues to expand its global footprint. ADNOC Voyager, the UAE’s number one lubricant brand by market share, is now exported to more than 47 countries around the world.
Additionally, ADNOC Distribution’s E2GO fast- and super-fast EV charging network reached a significant milestone in H1 2025, with over 300 charging points now installed across the UAE. This underscores the Company’s commitment to sustainable mobility and clean energy solutions, aligning with its target of growing the network to 500+ charging points by 2028. The Company is on track to meet its target of adding 100 new charging points in 2025, reinforcing its strategic focus on future-proofing its business and strengthening its position as a leader in sustainable mobility infrastructure.

ADNOC Distribution is harnessing advanced AI technologies to drive strategic growth and operational efficiency. By leveraging innovations such as predictive fuel demand models, intelligent assortment, and hyper-personalized offerings, the Company is transforming its operations while enhancing customer satisfaction across its value chain. These initiatives are integral to ADNOC Distribution’s broader strategy of future-proofing its business, supporting sustainability goals and enhancing its competitive edge in an increasingly digital and data-driven market.
As part of its digital transformation, ADNOC Distribution deployed MEERAi, ADNOC’s AI-powered board advisory tool, at its most recent Board meeting. Designed for executive use, MEERAi delivers real-time insights, enabling faster, data-driven decisions.

With robust net debt to EBITDA ratio of 0.80x at the end of H1 2025, the Company remains committed to its dividend policy, ensuring clear visibility on returns. ADNOC Distribution expects an annual payout of $700 million (at 20.57 fils per share) or a minimum of 75% of net profit, whichever is higher, through 2028. At a share price of 3.70 as of 6 August 2025, this represents an annual yield of nearly 6%. A dividend of $350 million for H1 2025 is expected to be distributed in October 2025, subject to Board approval.

In alignment with its five-year growth strategy, ADNOC Distribution is focused on maximizing returns by driving innovation, unlocking incremental value from its assets, meeting growing fuel and non-fuel demand in the UAE, and accelerating disciplined regional and international growth. With an annual CAPEX commitment of $250-$300 million through 2028, the Company’s resilient business model and clear growth strategy position it for sustained momentum throughout the second half of 2025 and beyond.

FINANCIAL SUMMARY